Satyameva Jayate in Financial services..
Clearly inspired by Aamir Khan’s program on doctors…
Sorry I do not have the reach of an Aamir..but would be happy if you write in with your problems.
I can assure you that the cxo of the company that cheated you will hear about it.
If it is a psu, please excuse me….i do not have the time, patience or money to deal with them…
Manas
Hi Subra ,
I ‘m a regular reader of your blog . Few days back I got a call from one of my childhood friends who sells idly,vada in my village .He earns approx 5k per month .He said there’s a new scheme where I have to pay Rs3500 and I’ll get cover for personal accidental policy including hospital expenditure ,Cash less hospitalization up to 30 k per year etc etc for the whole of my life .
I was shocked to hear this .How can a company provide all this with only Rs3500/- .The I asked him if he can get the company info from the agent.He spoke to the agent and told me that the company name is Kalinga Life insurance , and the agent also told him that they have a web site where I can see the details.I looked at the web site and definitely it looks like a fraud company doing some ponzi scheme.
web site: http://kalingalife.com
Can you please suggest where can I complain about this particular company.
subra
Manas,
NOTHING can be done. Most importantly the website looks like a typical MLM (multi level marketing) website. How Orissa RoC gave them a name approval with ‘insurance’ in the name beats me. MOST IMPORTANTLY ask your friends (and all the readers of this blog!) to stay away from this company. THE AUTHORITIES WILL NOT DO ANYTHING. jUST STAY away from this company, that is all..
aditya
Hi Subra,
an year and half back, my friend by Bokaro airlifted her ailing grandfather to Delhi Escorts (acquired by the Ranbaxy Surds). Initial cost charged was 75 K in bokaro and the final bill paid was 1.5 lakhs. We had no choice but to pay the bill..
Then comes the monopoly of no outside food for all the visitors in the hospital, being young I can hop and get food for me and parents . But what about the elders ? Arent they robbed by so called good food charged at the cost of a bomb? Agree the food for patients needs to be monitored. BUT what abput monitoring the food for the visitors TOO???
aditya
Sorry Subra
Agitation took the better of me. I did’nt realize the subject was financial services..
Raja
The other side of doctor’s is chilling, isn’t it ?
subra
aditya
it does not matter..even if it is health services…one thing is to say ‘do not go to this hospital’..but then the next hospital could also be just as bad. So creating views about them on cyberspace helps. Let people be aware. Not that writing on subramoney is going to be dramatic..but about 8000 people read it..and that might just include a couple of docs from that hospital also. Not sure how popular mouthshut.com is…but we should use all our forums and then hope for the best. REGULATORS do NOTHING. absolutely nothing. Mci, IS just one more example
bharat shah
my relative(married daughter) is cheated by her sub-broker. the sub-broker through whom she is dealing offline and through whom her dp account is operative, got a new slip book from the dp( which is also main broker company) under excuse of old slip book lost , and also changed the mobile no.of the account holder,where normally sms was being sent to her at time of transaction from the account. then he(the sub broker) sold the equity shares of the account offline to his father (and afterwards presumably sold through stock exchange to encash them ).he did the same with my daughter’s forged signature in slip book as well as in request letter to the dp for new book and change of mobile no. my relative came to know when she checked the holding statement. the a/m involve is about rs.1 lk. she has lodged the complaint with SEBI. WHAT ARE OTHER REMEDIES TO RECOVER THE LOST MONEY? what can she hope from SEBI and how much time will it take?
wealthucreate
Subra Sir,
Is there a way or solution for people who are endlessly waiting for thier apartment to complete. The reasons behind for not completing on time could be various. Luckly i am yet to get into this mess.
is there a way to deal with developers who commit a date and not complete projects on time. Govt does come up with clause, laws in favor or customer, nothing much has helped.
subra
sorry bharat shah, do not expect anything from Sebi. They normally speak a language which you or your daughter will not understand. I am surprised that you did not name the sub-broker or the main broker. Giving the slip book is like giving your cheque book away…really nothing can be done. However 2 imp lessons..
a) open your dp account ONLY with a bank – NEVER with a broker
b) off line or online know and check every transaction
broking industry is NOT GOVERNED AT ALL…compared to say the mf industry. sorry to say.
if it is forgery lodge a CRIMINAL complaint in the police station- however all this makes sense only if the money involved is big. Legal process in this country is expensive. Damn bloody expensive.
Abhigyan
Hi Subra,
I opened a DMAT account with ICICIDirect in 2007. ICICI opened it with my salary account and it is linked with the same. I didn’t notice it but they interchanged one letter in my name in my DMAT account (AGRAWAL became AGARWAL). The name is correct in my linked salary account and my PAN, but it is incorrect in my DMAT only. There wasn’t any problem as I was only buying MFs from the account for last 4-5 years – the problem started surfacing the moment I wanted to redeem some of my MF holdings. They say that my salary account can’t be credited because of name mismatch and I am unable to redeem MFs, but while buying there isn’t any such name mismatch problems!!
I talked to them and they say that this is the name which was written in my application. I agree with that as I didn’t fill up the form, some representative from ICICI filled it and he might have filled it wrong. I understand that this was stupid on my part to not fill the form and only sign it, but I am surprised that they didn’t do their due diligence and opened DMAT with incorrect name. All the address and PAN proof I provided has correct name, how can they open an account with one name when proofs are given on other name? Does it mean that I can open DMAT with any name and give identity and address proof with different name?
Now they say that I need to pay some 4000/- as new account opening charges and transfer all my securities to that. But they won’t open a new account in my name as I already have one. I have to close existing account but then where would my securities and MFs reside during the time when my existing account closes and new account opens – they have no answers to that. Again, I shouldn’t be paying for the account opening, the least they can do is to waive it off, but they are refusing that.
I just don’t know what to do now. Thank God that I don’t have an emergency now and am not under any pressure to sell off securities to get money otherwise…..
Please guide me in this regard and tell me what to do.
Thanks
Abhigyan
subra
welcome to icici bank. last few years i have been trying to operate my wife’s demat and e broking account…luckily no economic loss. I continue with my existing broker…and have NO regrets..
somebody from their PR may (MAY) READ this and react..keep fingers crossed…
Sreekant
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/article3463274.ece
My original comment did not get posted. So I am repeating.
An ethical company doesn’t always good business practices. As per the above report in BL, HDFC Life has derived two thirds (Rs 180 crore) of its profit, year not mentioned, from surrender charges. How many family’s blood have they sucked out? How many families’ financial security has been put in jeopardy?
Sure the top management knew what was going on. Its like MMS presiding over UPA2. Just the “clean” tag doesn’t help.
Sreekant
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/article3463274.ece
My original comment did not get posted. So I am repeating.
An ethical company doesn’t always mean good business practices. As per the above report in BL, HDFC Life has derived two thirds (Rs 180 crore) of its profit, year not mentioned, from surrender charges. How many family’s blood have they sucked out? How many families’ financial security has been put in jeopardy?
Sure the top management knew what was going on. Its like MMS presiding over UPA2. Just the “clean” tag doesn’t help.
Anand
Abhigyan,
I had the same issue with icicidirect, when my redemption of SBI MF bounced with name mismatch error.
I went to SBI mutual fund office and got my name changed in the folio. I gave them my PAN card with correct name. Luckily, they cooperated and my name was changed in the folio.
No need to pay 4000/- to anybody.
Only bad thing is that you need to do this all mutual fund AMCs.
Anand
Also, get your name corrected in the demat account and if they are refusing to do that, then close the account.
bharat shah
@ subra sir,
the broker is BONANZA PORTFOLIO LTD. and subbroker is named Naman (firm name is different) from Ahmedabad, where my married daughter is living. she never gave her slip book to anybody and still with her , nor she used any leaf of it.the subbroker forged her sign and requisitioned new slip book with excuse of old slip book lost . also got changed her mobile no. where she was getting sms of any transaction done.the a/m involved is about RS. 1LK. it is clear case of forgery, but to deal with indian police is difficult for a busy layman.
your observation about sebi seems realistic and your advice for having banking co. as broker makes sense.
thank you, sir.
Abhigyan
Hi Subra & Anand,
Thanks for the info and reply. I tried Reliance MF and they were asking my PAN, a written letter that my name has to change and guarantee from my bank stating that my name is in fact correct. Bank representatives have no idea what to write in such letter to Reliance, I thought it would be same with all, and left at that. Probably I should go to each MF, may be some of them will listen.
gomathi shankar
sir,i had started an SIP offline in Fidelity Equity Fund.I had placed a cancellation request for the SIP through my Fidelity online account and got a confirmation email saying that my SIP is cancelled.A reference number for cancellation was also given.However they had again debited money from my account for SIP.I mailed them regarding this and now they have replied that it can be cancelled only offline with a signed request from me and this they are doing to protect investor interest.Now,i have mailed them that i will not give a offline request.I have also asked for refund of the debited money.I have registered a complaint with SEBI.Can i instruct my bank now to stop the SIP? Will it have any say in my credit rating sir?
Anand
gomathi-
I didn’t find any cancellation link in fidelity online site.
Better visit their office and they have form ready. Just fill it up and cancel it.
Once amount is invested, there is no refund. You can always redeem the units, if you want to revert. The bank can hardly do anything. The cancellation request has to come from fidelity. And don’t worry; this won’t affect your credit score.